First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) today reported third quarter production of 76,600 tonnes of copper and 46,700 ounces of gold.
Lower year-over-year copper production was principally due to the suspension of operations at the Frontier mine following the unjustified withdrawal of its mining permits by the Democratic Republic of Congo mining registry; a four-day shutdown of the sulphide circuit at the Kansanshi mine; and abnormally wet weather at Guelb Moghrein.
The Company's updated production forecast for 2010 is for 322,000 tonnes of copper and 195,000 ounces of gold. For 2011, the forecast is for 305,000 tonnes of copper and 210,000 ounces of gold. The Company also expects to begin nickel production in 2011 with the commissioning of the Ravensthorpe project planned for the second half of the year.
Finished copper inventory at September 30, 2010 decreased to approximately 36,900 tonnes of copper (Kansanshi 21,800 tonnes, Frontier 6,600 tonnes, Guelb Moghrein 8,100 tonnes and Bwana Mkubwa 400 tonnes), from the June 30, 2010 level of 40,700 tonnes.
Further information will be published in the Company's third quarter operating and financial results scheduled for release during the week of November 8, 2010.
Source: First Quantum Minerals Ltd.